New York firm spends $48 million on Greenwich office
A 134,000 square foot office building in Greenwich has been purchased by a New York real estate company.
Shelbourne Global Solutions has purchased the Class A office building at 777 West Putnam Avenue for $48.5 million, the Westchester & Fairfield County Business Journals reported. LMT Investments was the seller of the Connecticut deal, which equates to about $362 per square foot.
Built in 1976, the three-story building served as headquarters for Nestlé Waters North America before the company was uprooted from Stamford in 2009. Today, the office is anchored by Marc Fisher Footwear, The Richman Group and Knighthead Funding.
Newmark’s Alex Haendler and Cory Gubner represented the seller and brought the buyer to the table.
Brooklyn-based Shelbourne boasts over 8 million square feet of Class A office space in its portfolio. The company, led by Bernard Bertram and Ben Schlossberg, has over $1 billion in assets and $350 million in invested capital.
Although based in New York, the company does not appear to have all properties in the state, although he has properties in New Jersey and Connecticut. Although the company has several properties in Hartford, including One Financial Plaza, this appears to be its first foray into Greenwich.
Greenwich was seen as a hot office market at the start of the pandemic, as New York-based businesses and employees fled the city. Office leasing in the central business district jumped 312% between the fourth quarter of 2020 and the first quarter of 2021, raising concerns about tight inventories.
The pop of the Greenwich office market included big names who looked beyond their Manhattan roots. In March, Apollo Global Management agreed to buy the building where the private equity firm planned its own office for more than $200 million. Rockpoint Group was the seller of the property located at 100 West Putnam Avenue.